PNC pressured by RBC buy as financials fall

GregMorcroft

NEW YORK (MarketWatch) -- Shares of PNC Financial
PNC, -0.79%
shed about 1% on Monday morning after the company said over the weekend that it is buying the U.S. business of the Royal Bank of Canada for about $3.45 billion, plus $165 million for the purchase of related credit card assets. More broadly, U.S. financial stocks retreated on Monday morning as European brinksmanship over the Greek debt crisis sparked fresh jitters. Concern among investors in the U.S financial sector is not so much about the banks' direct holdings of Greek government debt, but more about the debt they hold from Greek banks, which in turn hold Greek government debt. The Financial Select Sector SPDR
XLF, -0.64%
which tracks the financial stocks in the S&P 500, fell 0.5%. Among the financial stocks in the Dow Jones Industrial Average, Bank of America Cor.
BAC, -0.56%
and J.P. Morgan Chase & Co.
JPM, -0.88%
both fell more than 1%. Travelers Cos. Inc
TRV, -0.22%
American Express Corp. fell more modestly.

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